The Drill Pipe Market size was valued at USD 2406.6 million in 2022 and is expected to grow to USD 3270.86 million by 2030 and grow at a CAGR of 3.91 % over the forecast period of 2023-2030.
One type of crucial instrument for drilling in oil-held areas is drill pipe. Drill pipes are used in a variety of environments and are subjected to a variety of stresses. Drill pipe failure due to fatigue, localised corrosion (such as pitting and grooves), and stress corrosion are all frequent occurrences in the field. Similar to this, heavy-weight drill pipe fatigue failures frequently happen in oil fields due to drill pipes having to withstand continually varying tension stress, torsion load, impact load, internal pressure, etc. during drilling.
The form of the drill pipe at the ends, or its upset area, can also be used to classify drill pipes. To enable welding at the tool joints, the upset region of the pipe is thicker than the rest of it. Internal, external, or internal-external distress are all possible. The pipe diameter affects the upset utilised in the welding area. When there is an internal upset, the necessary welding area thickness is given by reducing the pipe's interior diameter at the upset site while maintaining the pipe's exterior diameter. The interior diameter of the pipe remains constant while the exterior diameter is increased to create an external upset. When there is an internal-external upset, the interior wall thickness is reduced to achieve additional wall thickness at the upset location.
KEY DRIVERS:
Increasing Renewable energy Sources
Growing demand for energy
Rising demand for exploration of offshore reserves
The never-ending rise in energy consumption and the desire for offshore resource exploration. New drilling technologies are being used as a result of the onshore fields' falling productivity. Drilling has increased recent developments in drilling technology including pad drilling and horizontal drilling. speedier drilling operations have been made possible by increased efficiency and decreased drilling rig downtime. In turn, this will rise in demand for drilling tools, including drill pipe.
RESTRAIN:
High Operational cost
OPPORTUNITY:
Growing demand for drilling equipment
Increasing energy demand from developing economies
The increased drilling of new oil and gas extraction areas is driving the growth of the drill pipe market. The amount of oil and gas exploration has increased as a result of advancements in drilling equipment and methods.
CHALLENGES:
High Operational cost for drilling procedures
Trade routes might have changed as a result of the conflict. For instance, if the ports or transportation infrastructure of Ukraine are affected, alternate shipping routes for drill pipe may need to be found. Global supply chain interruptions have been brought on by the conflict and ensuing geopolitical tensions between Russia and Ukraine. Due to Ukraine's significant production and export capacity, any interruptions might result in a lack of supplies and a rise in prices. During times of increased hostility, the nations involved in a conflict may impose export controls on a variety of products, including steel items like drill pipe. These limitations may reduce the supply of Ukrainian drill pipe on the international market, impacting the dynamics of supply and pricing.
IMPACT OF ONGOING RECESSION
The demand for oil and gas does, however, often decline during a recession, which can have a considerable effect on the oil and gas industry as a whole, including the drill pipe sector. Oil and gas businesses may cut capital expenditures and postpone or cancel drilling projects when drilling activity and exploratory initiatives are down. Drill pipes are necessary components in drilling operations, hence this decrease in drilling activity might result in a decrease in demand for drilling technique. Manufacturers and sellers of drill pipe frequently had difficulties during prior recessions, including fewer orders, lower pricing, and more competition in a declining market. These circumstances may put pressure on the drill pipe sector, resulting in cost- and size-cutting measures.
By Grade
API Grade
Premium Grade
By Application
Onshore
Offshore
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The market has been further divided based on geographic regions into North America, Asia Pacific, Central & Africa, Europe, the Middle East, and South America. In 2022, the North America region led the worldwide market and generated more than 26.0% of the total revenue. According to estimates, the region will continue to grow steadily, holding its position during the projection period. The primary causes of the early market penetration in the area have been significant expenditures made by major E&P corporations in both conventional and unconventional areas.
Over the next several years, it is projected that the other areas, including Central and South America and Asia Pacific, would have expansion rates that are above average. The market expansion in the Asia Pacific area is anticipated to be driven by the anticipated rise in rig activities as well as a number of new field developments, including the offshore basins, particularly in nations like China, Indonesia, Australia, and India.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
PetroChina announced plans to invest billions of dollars as of September 2021 in the development of specialized shale oil and gas deposits in the China is the world's largest user of refined petroleum, thus it needs to provide the demand.
Vedanta-Cairn, the Directorate General of Hydrocarbons (DGH), and the Indian Ministry of Petroleum and Natural Gas reported the finding of a new exploration oil block in the district of Barmer in February 2022. Vedanta owns 100% of the block taking part interest. Following an evaluation of the discovery's potential for commercialization, the corporation makes manufacturing plans.
Hilong Group, NOV Inc., Tenaris S.A., Vallourec S.A., TMK Group, Oil Country Tubular Ltd., Tejas Tubular Grades Inc., Texas Steel Conversion Inc., DP Master, Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd., Drill Pipe International LLC, ‘Superior Drill Pipe Manufacturing, Inc. and other players are listed in a final report.
| Report Attributes | Details |
| Market Size in 2022 | US$ 2406.6 Mn |
| Market Size by 2030 | US$ 3270.86 Mn |
| CAGR | CAGR of 3.91 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Grade (API Grade, Premium Grade) • By Application (Onshore, Offshore) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Hilong Group, NOV Inc., Tenaris S.A., Vallourec S.A., TMK Group, Oil Country Tubular Ltd., Tejas Tubular Grades Inc., Texas Steel Conversion Inc., DP Master, Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd., Drill Pipe International LLC, ‘Superior Drill Pipe Manufacturing, Inc. |
| Key Drivers | • Increasing Renewable energy Sources • Growing demand for energy • Rising demand for exploration of offshore reserves |
| Market Restraints | • High Operational cost |
Ans: Drill Pipe Market is anticipated to expand by 3.91 % from 2023 to 2030.
Ans: USD 3270.86 million is expected to grow by 2030.
Ans: Drill Pipe Market size was valued at USD 2406.6 million in 2022
Ans: North America is dominating the market.
Ans: Growing demand for drilling equipment and Increasing energy demand from developing economies.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Drill Pipe Market Segmentation, By Grade
8.1 API Grade
8.2 Premium Grade
9. Drill Pipe Market Segmentation, By Application
9.1 Onshore
9.2 Offshore
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Drill Pipe Market by Country
10.2.2North America Drill Pipe Market by Grade
10.2.3 North America Drill Pipe Market by Application
10.2.4 USA
10.2.4.1 USA Drill Pipe Market by Grade
10.2.4.2 USA Drill Pipe Market by Application
10.2.5 Canada
10.2.5.1 Canada Drill Pipe Market by Grade
10.2.5.2 Canada Drill Pipe Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Drill Pipe Market by Grade
10.2.6.2 Mexico Drill Pipe Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Drill Pipe Market by Country
10.3.1.2 Eastern Europe Drill Pipe Market by Grade
10.3.1.3 Eastern Europe Drill Pipe Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Drill Pipe Market by Grade
10.3.1.4.2 Poland Drill Pipe Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Drill Pipe Market by Grade
10.3.1.5.2 Romania Drill Pipe Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Drill Pipe Market by Grade
10.3.1.6.2 Hungary Drill Pipe Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Drill Pipe Market by Grade
10.3.1.7.2 Turkey Drill Pipe Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Drill Pipe Market by Grade
10.3.1.8.2 Rest of Eastern Europe Drill Pipe Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Drill Pipe Market by Country
10.3.2.2 Western Europe Drill Pipe Market by Grade
10.3.2.3 Western Europe Drill Pipe Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Drill Pipe Market by Grade
10.3.2.4.2 Germany Drill Pipe Market by Application
10.3.2.5 France
10.3.2.5.1 France Drill Pipe Market by Grade
10.3.2.5.2 France Drill Pipe Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Drill Pipe Market by Grade
10.3.2.6.2 UK Drill Pipe Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Drill Pipe Market by Grade
10.3.2.7.2 Italy Drill Pipe Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Drill Pipe Market by Grade
10.3.2.8.2 Spain Drill Pipe Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Drill Pipe Market by Grade
10.3.2.9.2 Netherlands Drill Pipe Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Drill Pipe Market by Grade
10.3.2.10.2 Switzerland Drill Pipe Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Drill Pipe Market by Grade
10.3.2.11.2 Austria Drill Pipe Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Drill Pipe Market by Grade
10.3.2.12.2 Rest of Western Europe Drill Pipe Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Drill Pipe Market by Country
10.4.2 Asia Pacific Drill Pipe Market by Grade
10.4.3 Asia Pacific Drill Pipe Market by Application
10.4.4 China
10.4.4.1 China Drill Pipe Market by Grade
10.4.4.2 China Drill Pipe Market by Application
10.4.5 India
10.4.5.1 India Drill Pipe Market by Grade
10.4.5.2 India Drill Pipe Market by Application
10.4.6 Japan
10.4.6.1 Japan Drill Pipe Market by Grade
10.4.6.2 Japan Drill Pipe Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Drill Pipe Market by Grade
10.4.7.2 South Korea Drill Pipe Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Drill Pipe Market by Grade
10.4.8.2 Vietnam Drill Pipe Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Drill Pipe Market by Grade
10.4.9.2 Singapore Drill Pipe Market by Application
10.4.10 Australia
10.4.10.1 Australia Drill Pipe Market by Grade
10.4.10.2 Australia Drill Pipe Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Drill Pipe Market by Grade
10.4.11.2 Rest of Asia-Pacific APAC Drill Pipe Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Drill Pipe Market by Country
10.5.1.2 Middle East Drill Pipe Market by Grade
10.5.1.3 Middle East Drill Pipe Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Drill Pipe Market by Grade
10.5.1.4.2 UAE Drill Pipe Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Drill Pipe Market by Grade
10.5.1.5.2 Egypt Drill Pipe Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Drill Pipe Market by Grade
10.5.1.6.2 Saudi Arabia Drill Pipe Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Drill Pipe Market by Grade
10.5.1.7.2 Qatar Drill Pipe Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Drill Pipe Market by Grade
10.5.1.8.2 Rest of Middle East Drill Pipe Market by Application
10.5.2 Africa
10.5.2.1 Africa Drill Pipe Market by Country
10.5.2.2 Africa Drill Pipe Market by Grade
10.5.2.3 Africa Drill Pipe Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Drill Pipe Market by Grade
10.5.2.4.2 Nigeria Drill Pipe Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Drill Pipe Market by Grade
10.5.2.5.2 South Africa Drill Pipe Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Drill Pipe Market by Grade
10.5.2.6.2 Rest of Africa Drill Pipe Market by Application
10.6 Latin America
10.6.1 Latin America Drill Pipe Market by Country
10.6.2 Latin America Drill Pipe Market by Grade
10.6.3 Latin America Drill Pipe Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Drill Pipe Market by Grade
10.6.4.2 Brazil Africa Drill Pipe Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Drill Pipe Market by Grade
10.6.5.2 Argentina Drill Pipe Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Drill Pipe Market by Grade
10.6.6.2 Colombia Drill Pipe Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Drill Pipe Market by Grade
10.6.7.2 Rest of Latin America Drill Pipe Market by Application
11 Company Profile
11.1 Hilong Group
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 NOV Inc.
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Tenaris S.A.
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 TMK Group
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Oil Country Tubular Ltd.
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Tejas Tubular Grades Inc.
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Texas Steel Conversion Inc.
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 DP Master
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Drill Pipe International LLC
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
11.11 Superior Drill Pipe Manufacturing, Inc.
11.11.1 Company Overview
11.11.2 Financials
11.11.3 Product/Services Offered
11.11.4 SWOT Analysis
11.11.5 The SNS View
12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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